The 2nd wave has been eliminated. Higher highs are the norm again. The indicators are also still bullish and overbought, and the run that the ST has had, has been good one. The question on everyone's mind or at least in mine, is how far now will this higher high go. Our MARKET indicator is at the (bearish warning) but with this week and last weeks run the market outlook is looking bright again. I was looking for an indication of a reset in previous posts and it appears that it will not materialize. This is the reason why we need to confirm down trend as the real deal. The higher high in SPX prices, has also confirmed we have not had a major CIT.
What we want to happen and what will happen are two different things, and sometimes it goes in our favour. This though is what we call hope. There is no margin for hope in this market or it will take your lunch and eat it. So the best thing to do is react to what markets are giving us. There will be times where volatility takes hold and trades seems to be rampant and profits non existent, but this to shall pass and you just need some patience. Eventually things will clear out and give you a nice run. like it did during late July and Early Aug.
MT: DOWN
ST: UP
PA: NA
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